Title
Conceptual Economic Development Incentive Request Presentation - Summit Orchards Community Improvement District, Summit Orchards Partners, LLC.
Body
Issue/Request:
Conceptual Economic Development Incentive Request Presentation - Summit Orchards Community Improvement District, Summit Orchards Partners, LLC
Key Issues:
Summit Orchards Partners, LLC will be presenting a conceptual economic development incentive request to the Mayor and City Council to seek input/feedback and direction on the creation of a Community Improvement District (CID) for a proposed retail/restaurant development project. See background section for additional details regarding the proposed project.
Should the Mayor and City Council wish to pursue the formal creation of the CID, staff and the developer will prepare the proposal for public hearing and formal consideration of the CID.
Proposed City Council Motion:
I move to direct the applicant and staff to continue to prepare the economic development incentive request for formal consideration by the Mayor and City Council.
Background:
Summit Orchards Partners, LLC has submitted a preliminary economic development incentive request to form a Community Improvement District (CID) for a proposed retail/restaurant development project. The overall proposed development encompasses approximately 19 acres located on the north side of Chipman Road between Donovan Road and Outerview Road. The proposed development entails approximately 108,809 square feet of retail and restaurant uses.
The proposed CID does not encompass the entire proposed development. The proposed CID would encompass approximately 16.76 acres and 86,828 square feet of the restaurant/retail uses. The estimated total project cost is $49.5M and the proposed CID would reimburse the developer through a 1% sales tax approximately $3.5M which is approximately 7% of the total project budget. Although this percentage is at or below the threshold identified in the adopted Econom...
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